AMERICAblog: Dissecting the GOP's new "minorities and Clinton caused the credit crisis" theory
KarenMrsLloydRichards
· 1 year ago
Proud redneck Joe Scarborough spews this flithy, racist "thesis" every morning. As do Doocy and Kilmeade over at Fox. With abundant shots of decaying nabes, with foreclosure signs, in "urban" locations like Cleveland and Detroit.
blackwolf
· 1 year ago
You'd expect this, it's no mystery to me. The poor, which includes minorities, will always be blamed for Washington's Fuc* ups.
Fannie and Freddie only had a small percentage of their loans that fit into the subprime category. They readily welcomed bundling these packages up and selling them to the government-backed Fannie and Freddie big boys for liquid cash.
This was ready money the banks could get to lend to over-prime borrowers. Everybody made money. There were a lot of loan brokers that pushed folks into the subprime areas too because the loan commissions were much higher too. These loans were bought up by Asian and European portfolios to create retirement assets for those folks.
What these racist bastards don't talk about are the Joe six-packs' and the hockey moms' of the world who got into mortgages way over their heads, took out equity loans, bought the SUV, put in a pool, remodeled the house. These jackasses defaulted left and right. Orange County of California is a perfect example of white flight now.
This is the kind of BS that the Republicans keep feeding to the white blue collar workers in this country. It's been working for the past 400 years.
Bush_Bites
· 1 year ago
Scarborough's a cracker.
An_American_Karol
· 1 year ago
I find it amazing CNN is covering Obama's entire speech in Indiana. And, it's a good one.
Indigo
· 1 year ago
Indiana is a basketball state. Obama is a basketball hottie. The signs are auspicious.
mellowjohn
· 1 year ago
first rule of republican: BLAME THE CLENIS!
reelactor
· 1 year ago
I think Glenn Greenwald said it best, last week: "The GOP has controlled the House for all but 20 months of the last 14 years. They've controlled the White House for the last 8 years, and also had control of both houses of Congress for 4 of those years. It's amazing what "the Left" can accomplish by never being in power, and how "the Right" is powerless to stop it even as they control the levers of Government." All the Right is attempting to do, is save their legacy by obscuring the facts. Don't let them do it.
An_American_Karol
· 1 year ago
From the polls, it looks like the Republicans aren't getting away with it. The only ones who believe this tripe are the core Republicans. They want to believe it; they have to believe it.
Skipper
· 1 year ago
If govt could act immediately to pass a $700 billion dollar bailout for the same people who got us into this mess, why couldn't it have acted immediately by at least 2004 to have averted it? Greedy bunch. If you can stomach it- read the CNN story circulated in 2004 below the LA Times Story.
FBI saw threat of mortgage crisis A top official warned of widening loan fraud in 2004, but the agency focused its resources elsewhere. By Richard B. Schmitt, Los Angeles Times Staff Writer August 25, 2008 WASHINGTON -- Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses were possible.
The Republicans have been working tirelessly to blame this one on "The Gays," too - since they always blame the collapse of civilization on The Gays. But so far the best they've been able to do is to blame it on Barney Frank and Nancy "San Francisco" Pelosi.
bradk8
· 1 year ago
This has been really bothering me for some time. I purchased a home in a pretty rundown area of Oakland, CA (West Oakland) about ten years ago. Most of the people on my street are elderly African American couples who have been in their homes for many years, many of them actually widows lving on their own, probably struggling to get by on social security and/or pensions. For the last five or six years, I receive in the mail on a regular basis a letter made to look like it is coming from the government, the department of Housing and Urban Development saying that our neighborhood has been designated as a "community redevelopment" area under the Community Reinvestment Act and as a homeowner in this district I qualify for "special" "low rate" loans and that by refinancing now, taking advantage of my street's designation as a "community reinvestment zone" by the US Government, I can put all my outstanding debt under one loan and watch my monthly payments for my mortgage, credit cars and car loans "drasically reduce." It has always made me sick how by disguising these predatory loans as somehow part of a governemnt program to "reviatalize" our run-down neighborhood these lenders are seeking to trick elderly homeowners into taking out bad loans. I have no idea how many homeowners in my area have been duped by this, but maybe the fact that on my one block alone 4 homes are currently vacated and for sale by banks and "real estate investment" companies is a sign that many have.
KarenMrsLloydRichards
· 1 year ago
A couple of months ago The Nation did an eye-opening cover story on this situation, calling it the largest plundering of African-American wealth in history: hundreds of thousands of African-Americans who owned their homes outright fell prey to HELOC offers designed to place them in permanent debt or to bilk them of their homes completely.
EmGD
· 1 year ago
It's never the rich white guys who make the decisions fault. It's always the poor minorities who drive the actions of large, multinational, financial companies. Business 101.
embedded video at the link... Roubini discusses the economy and what's to come...
cowboyneok
· 1 year ago
Lieberman was just on MSNBC and lied his filthy ass off. He was truthful when he said he had a lot to repent for! LOL
Lieberman tried to say "that one" was just John McCain casually mentioning Obama and could have said as easily "my opponent." Of course, Andrea Mitchell, could have followed up with, "Well, then, Senator Lieberman why didn't he say 'my opponent' instead of 'that one!'?" It was disgusting.
An_American_Karol
· 1 year ago
Lieberman is watching his career and reputation go down the drain with the decisions he has made over the last eight years. The Republicans don't trust him and the Democrats better not.
cowboyneok
· 1 year ago
Lieberman has himself to blame for his career spiralling down the toilet. He had the chance to redouble his efforts in being a good progressive Democrat when he won the last election. Instead, he has been a Republican suckup ever since. His opportunistic ways are coming back to haunt his traitorous ass.
PingPong
· 1 year ago
This argument makes my blood boil and just last week my dad, who ought to know better, repeated it to me! He had heard it from my cousin who is a CFO at a mid-sized company in the Minneapolis, MN area. My dad is 79 and it's kind of scary to me that his critical judgment appears to be waning.
But jeezus. So let's see, bad things happen and so it must be a the fault of all those brown people. Pity all those HBS and Wharton grads who have been snookered by the scary mean people who barely speak English. I'm surprised the poor minorities work so hard busting their asses doing construction jobs, being dishwashers at restaurants and cleaning our houses when they are so dang clever as to be able to topple the global economy, but maybe it's all a cover for their nefarious ways.
Bush_Bites
· 1 year ago
From the HuffPo article I linked to below:
University of Michigan Law Professor Michael Barr, a specialist in banking and finance law, flatly rejected claims that the CRA was "a significant factor in the current crisis. CRA was enacted more than 30 years ago. It would be quite odd if this 30-year old law suddenly caused an explosion in bad subprime loans from 2002-2007....Subprime mortgages were mostly made by mortgage brokers and lenders and securitized by investment banks -- institutions not covered by CRA," he told the Huffington Post, adding, "CRA only covers banks and thrifts, and these institutions mostly have not suffered to the same extent or kind from bad lending as the non-CRA-covered institutions at the core of the current crisis. The problem here is not CRA. It is what the late former Fed Governor Ned Gramlich called 'the giant hole in the supervisory safety net' -- bad lending by firms outside the banking sector's rules for prudential supervision, capital requirements, consumer protection and yes, the CRA."
Along similar lines, University of Oregon economist Marc Thoma also cited for the Huffington Post the long delay between enactment of CRA and the current crisis and the fact that only 20 percent of subprime loans were made by CRA-regulated lenders, adding two other points: that "subprime loans grew twice as fast in institutions that did not have to meet the conditions of the CRA" and that the scope of coverage of CRA was reduced in 2004 under the Bush administration, "but even though fewer banks were subject to CRA restrictions, the growth of the subprime market continued unabated."
AdrianBrowne
· 1 year ago
Who did they scapegoat for the Great Depression?
An_American_Karol
· 1 year ago
The more things change, the more they stay the same. "This weakening demand was masked, however, by the "great bull market" in stocks on the New York Stock Exchange. The ever-growing price for stocks was, in part, the result of greater wealth concentration within the investor class. Eventually the Wall Street stock exchange began to take on a dangerous aura of invincibility, leading investors to ignore less optimistic indicators in the economy. Over-investment and speculating (gambling) in stocks further inflated their prices, contributing to the illusion of a robust economy.
The crucial point came in the 1920s when banks began to loan money to stock-buyers since stocks were the hottest commodity in the marketplace. Banks allowed Wall Street investors to use the stocks themselves as collateral. If the stocks dropped in value, and investors could not repay the banks, the banks would be left holding near-worthless collateral. Banks would then go broke, pulling productive businesses down with them as they called in loans and foreclosed mortgages in a desperate attempt to stay afloat." http://iws.ccccd.edu/kwilkison/Online1302home/2...
Indigo
· 1 year ago
Hoobert Heaver? Heever Hoobert? Herbert Hoover!
[I remember my great-grand dad who lost everything saying that. :-)]
KarenMrsLloydRichards
· 1 year ago
World War I vets, as well as union laborers and their "Commie" organizers.
Rob Mule
· 1 year ago
Barbara Comstock on MSNBC moments ago said, Barack Obama's been "living off the government his whole life".
Mickey7
· 1 year ago
The certifiable Jim Cramer flat out stated that the Bush administration is totally faultless in this mess and blamed the Clinton administration on Colbert. Actually, he's probably going to go to jail once a functioning SEC is in place, so I guess it's okay to ignore him.
scottinsf
· 1 year ago
A lot of those so called analysts at CNBC will be going to jail in my perfect world.
On another note, anybody hear about the massive rock slides in Yosemite Valley? Wow! I know that area around Curry Village well. Sounds like some major rock falls. I'm amazed and very happy nobody died. To those that have never spent the night in Yosemite Valley it's hard to describe but we're talking boulders the size of a dump truck suddenly rolling through fairly occupied campgrounds in the middle of the night.
Rob Mule
· 1 year ago
Mourning Joe gets econo advice from Cramer, Lar-ry Crudlow and Jack effin Welch as the Beaver.
clicker
· 1 year ago
Back around '89-'90 I was in the market to buy a condo.I found one I could easily afford, did all the work, applied for a mortgage for a whopping $32000.00 and was turned down because my income was "un-varifiable".I was working as a waiter at the Four Season's and had a 30% cash deposit all ready to go. After that piece of bad news I went out a bought a $27000.00 car with 10% down no questions asked.I never understood why I could get a 4 year car loan but not a 30 year mortgage.From that day on I have stayed out of the market and always will.
PeteWa
· 1 year ago
Hasn't it been obvious to anyone that pays attention that BUSH was ENCOURAGING this all the while, KNOWING that it was the only thing propping up his FAILED economic "policy"?
Hint to trolls: Rhetorical question, if you answer it you will only prove how stupid you are.
Rob Mule
· 1 year ago
George "I'm allergic to hanging" Bush was really hoping to stall the economic collapse until Obama took office.
Indigo
· 1 year ago
Yes, it is obvious. In fact, the whole plan is outlined carefully by Ayn Rand in her unreadible novel "Atlas Shrugged." Prophetic, you say? Malicious, I say!
nsr
· 1 year ago
Wow. Great article. I like the way he goes to town on Krauthammer and Neil Cavuto.
So, Clinton wiping out welfare, giving away the digital broadcast spectrum, repealing Glass-Steagall, pushing through NAFTA-- none of it makes any difference to these guys. They tried to blame him for 911, and now they're trying to blame him and the hapless Carter for the financial meltdown.
This should be held up every day as an example of the complete futility of ever giving the right wing what it wants. They have no concept of bipartisanship, and any attempts to bring them on board by conceding to their greedy, unamerican and treasonous agenda should be answered with investigations and convictions, not compromise.
Rob Mule
· 1 year ago
I'd favor crucifixion...
Indigo
· 1 year ago
Too much sacramental overtone. I favor public hanging, quartering and disembowling a la Braveheart.
PeteWa
· 1 year ago
Blaming Carter is especially feeble on the Repuke's part. Carter, one term, followed by:
8 years of Reagan 4 years of Bush I 8 years of (soft right) Clinton 8 years of Bush the Failed
even "giving" Clinton the Carter column, the weak and flaccid Repukes couldn't do anything with their 20 solid years in the WH to reverse something Carter did over 28 years ago?
the coWardly Repukes are even weaker and more helpless than I ever imagined...
jimfromthefoothills
· 1 year ago
Carter appointed Volcker. He is NOT liberal by any stretch.
PeteWa
· 1 year ago
Of all listed, he is the only one who even comes close... however, where did I say that he was?
nsr
· 1 year ago
Oh yeah, I almost forgot Ken Starr's Porn-stravaganza.
dcredhead
· 1 year ago
Instead of whining about the Right, let's tackle it with facts, shall we? Again, this would require Monsieur Chris to know about our financial system (which he has proven time and again on this blog he doesn't.)
FACT: Only BANKS (i.e. regulated financial institutions by Treasury, OTS, and Fed) are required to comply with CRA. Farm loans are also considered CRA loans, not just "poor urban" areas. FACT: Mortgage companies and finance companies do not in any way have to comply with CRA. Why does this matter? It matters because the Cendant Corporation, which owns Century 21, ERA, and Coldwell Banker, was the #2 mortgage originator in this country. They did not in any way have to comply with CRA or offer a CRA loan. So when the real estate industry was talking about the virtues of getting your loan through your real estate brokerage company, they were offering crappy loans that had ABSOLUTELY NOTHING to do with CRA, as they weren't forced to comply. FACT; Credit unions also do not have to comply with CRA.
So let me get this straight -- the #2 mortgage originator never had to comply with CRA? Ever? Nope. So what does CRA have to do with this?
Nothing.
jimfromthefoothills
· 1 year ago
Chis is very knowledeable. Best economic journalist in the world. What blog have you been reading?
jimfromthefoothills
· 1 year ago
Complete bullshit. Name one law requiring a private business to lend to a non credit worthy person. Never has happened.
Derivatives are the reason we are in the crapper, not poor people and brown people. the best and brightest of our society have done this to us.
KarenMrsLloydRichards
· 1 year ago
Hear, hear!
Indigo
· 1 year ago
Well, yes. The word "Minorities" is code among some social critics for "little brown people" but the fact is that the Wealthy White Decisioneers are also a minority in the dictionary sense that there aren't all that many of them. Expand the word minority beyond it's coded racist meaning and yes, the WWDs did it.
lyndat
· 1 year ago
This post is a great example of dog whistle racism in today's politics. And there are so many more!
We're tracking political race baiting at www.stopdogwhistleracism.com. We find the good, bad and ugly from the right, left and center about race in the race. Visit us today for a non-partisan take on the race card, and the race card card, in today's politics.
Hope to see you at StopDog!
Nova16
· 1 year ago
The main culprit in the credit debacle was the republican, Gramm, Leach, Billey Act of 1999, the Commodity Futures Modernization Act which removed the wall separating banking, investment and insurance. This piece of legislation in essence repealed the Glass Steagall Act that required regulation of the markets. Gramm, a staunch deregulator, who was an advsor to McCain's primary campaign and discredited for his failed economic ideas that led to the Enron disaster was the main factor in its passage. Bush's endless, phony war in Iraq squandering nearly 700 billion dollars and growing daily, increasing the federal debt from 3 trillion when he took office to over 10 trillion and growing, eliminating a 500 billion dollar budget surplus into a 438 billion dollar deficit, much of it through reckless spending and heavy borrowing from abroad. Bush touted his "great" economy just 24 hours before he was begging for a "stimulus" package to avoid recession or worse. McCain, the dolt, said the fundamentals of the economy were sound and good before rushing off to Washington with his pants on fire to "save" the country with a "bailout". It was deregulation championed by Bush, Cheney, McCain and Gramm et al who create the mess. If things were going from bad to worse why didn't the dimwit republicans who were in control warn the nation
MacDaffy
· 1 year ago
My retort to anyone pushing this line of "reasoning" is to ask them if they *really* believe that the world's largest investment banks loaned <black folks> *that much money*?! It doesn't just strain credulity; it's a ludicrous concept. If I could've gotten a mortgage loan, I'd have done it. And I've have paid it off. No... this money was created and stolen consciously, maliciously, and without regard to the consequences for anyone but the people who stole it.
When the regulators waived the rule requiring investment banks to keep reserves commensurate with their risks back in 2004, the stage for this calamity was set and the regulators were warned. George Bush's cousin was an officer in one of the banks involved. Sweep the executive suites of these companies, get the offshore bank accounts of the officers of these firms, and you'll find a good deal of any money that still exists.
kuatoagnew
· 1 year ago
I emailed this to the tips link at the top, but either it wasn't worth posting on the main blog or got overlooked. In any case, my friend made a very awesome video debunking all these "FW:FW:FW:FW:THE CRA AND DEMOCRATS CAUSED THE CRISIS"
It's only 3 minutes, but the main goal was to make it understandable and digestible as possible without betraying any of the core facts.
Also, http://tinyurl.com/understandthecrisis is a much more wordy and substantial explanation, with a good history and details. It was also written up as a response to these lying GOP propaganda campaigns.
scottinsf
· 1 year ago
That's a great youtube vid. Don't give up pushing it. I don't think John is always reactive to Crazy videos but don't stop trying.
All Comments
Fannie and Freddie only had a small percentage of their loans that fit into the subprime category. They readily welcomed bundling these packages up and selling them to the government-backed Fannie and Freddie big boys for liquid cash.
This was ready money the banks could get to lend to over-prime borrowers. Everybody made money. There were a lot of loan brokers that pushed folks into the subprime areas too because the loan commissions were much higher too. These loans were bought up by Asian and European portfolios to create retirement assets for those folks.
What these racist bastards don't talk about are the Joe six-packs' and the hockey moms' of the world who got into mortgages way over their heads, took out equity loans, bought the SUV, put in a pool, remodeled the house. These jackasses defaulted left and right. Orange County of California is a perfect example of white flight now.
This is the kind of BS that the Republicans keep feeding to the white blue collar workers in this country. It's been working for the past 400 years.
Obama is a basketball hottie.
The signs are auspicious.
"The GOP has controlled the House for all but 20 months of the last 14 years. They've controlled the White House for the last 8 years, and also had control of both houses of Congress for 4 of those years. It's amazing what "the Left" can accomplish by never being in power, and how "the Right" is powerless to stop it even as they control the levers of Government."
All the Right is attempting to do, is save their legacy by obscuring the facts. Don't let them do it.
Ihttp://www.latimes.com/business/la-fi-mortgagefraud25-2008aug25,0,6946937.story
FBI saw threat of mortgage crisis
A top official warned of widening loan fraud in 2004, but the agency focused its resources elsewhere.
By Richard B. Schmitt, Los Angeles Times Staff Writer
August 25, 2008
WASHINGTON -- Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses were possible.
CNN September 2004 FBI warns of mortgage fraud 'epidemic' -seeks to head off 'next S&L crisis'
http://www.cnn.com/2004/LAW/09/17/mortgage.fraud/
http://thesebastards.blogspot.com/
http://oxdown.firedoglake.com/diary/543
He had this issue and he was calling out the dogs.
Then he fucked up by not keeping his pants on.
Idiot.
Only 20 percent of subprime loans were made by CRA-regulated lenders.
http://www.huffingtonpost.com/2008/10/01/conser...
embedded video at the link... Roubini discusses the economy and what's to come...
Lieberman tried to say "that one" was just John McCain casually mentioning Obama and could have said as easily "my opponent." Of course, Andrea Mitchell, could have followed up with, "Well, then, Senator Lieberman why didn't he say 'my opponent' instead of 'that one!'?" It was disgusting.
But jeezus. So let's see, bad things happen and so it must be a the fault of all those brown people. Pity all those HBS and Wharton grads who have been snookered by the scary mean people who barely speak English. I'm surprised the poor minorities work so hard busting their asses doing construction jobs, being dishwashers at restaurants and cleaning our houses when they are so dang clever as to be able to topple the global economy, but maybe it's all a cover for their nefarious ways.
University of Michigan Law Professor Michael Barr, a specialist in banking and finance law, flatly rejected claims that the CRA was "a significant factor in the current crisis. CRA was enacted more than 30 years ago. It would be quite odd if this 30-year old law suddenly caused an explosion in bad subprime loans from 2002-2007....Subprime mortgages were mostly made by mortgage brokers and lenders and securitized by investment banks -- institutions not covered by CRA," he told the Huffington Post, adding, "CRA only covers banks and thrifts, and these institutions mostly have not suffered to the same extent or kind from bad lending as the non-CRA-covered institutions at the core of the current crisis. The problem here is not CRA. It is what the late former Fed Governor Ned Gramlich called 'the giant hole in the supervisory safety net' -- bad lending by firms outside the banking sector's rules for prudential supervision, capital requirements, consumer protection and yes, the CRA."
Along similar lines, University of Oregon economist Marc Thoma also cited for the Huffington Post the long delay between enactment of CRA and the current crisis and the fact that only 20 percent of subprime loans were made by CRA-regulated lenders, adding two other points: that "subprime loans grew twice as fast in institutions that did not have to meet the conditions of the CRA" and that the scope of coverage of CRA was reduced in 2004 under the Bush administration, "but even though fewer banks were subject to CRA restrictions, the growth of the subprime market continued unabated."
"This weakening demand was masked, however, by the "great bull market" in stocks on the New York Stock Exchange. The ever-growing price for stocks was, in part, the result of greater wealth concentration within the investor class. Eventually the Wall Street stock exchange began to take on a dangerous aura of invincibility, leading investors to ignore less optimistic indicators in the economy. Over-investment and speculating (gambling) in stocks further inflated their prices, contributing to the illusion of a robust economy.
The crucial point came in the 1920s when banks began to loan money to stock-buyers since stocks were the hottest commodity in the marketplace. Banks allowed Wall Street investors to use the stocks themselves as collateral. If the stocks dropped in value, and investors could not repay the banks, the banks would be left holding near-worthless collateral. Banks would then go broke, pulling productive businesses down with them as they called in loans and foreclosed mortgages in a desperate attempt to stay afloat."
http://iws.ccccd.edu/kwilkison/Online1302home/2...
[I remember my great-grand dad who lost everything saying that. :-)]
On another note, anybody hear about the massive rock slides in Yosemite Valley? Wow! I know that area around Curry Village well. Sounds like some major rock falls. I'm amazed and very happy nobody died. To those that have never spent the night in Yosemite Valley it's hard to describe but we're talking boulders the size of a dump truck suddenly rolling through fairly occupied campgrounds in the middle of the night.
mortgage for a whopping $32000.00 and was turned down because my income was "un-varifiable".I was working as a waiter at the Four Season's and had a 30% cash deposit all ready to go. After that piece of bad news I went out a bought a $27000.00 car with 10% down no questions asked.I never understood why I could get a 4 year car loan but not a 30 year mortgage.From that day on I have stayed out of the market and always will.
Hint to trolls: Rhetorical question, if you answer it you will only prove how stupid you are.
So, Clinton wiping out welfare, giving away the digital broadcast spectrum, repealing Glass-Steagall, pushing through NAFTA-- none of it makes any difference to these guys. They tried to blame him for 911, and now they're trying to blame him and the hapless Carter for the financial meltdown.
This should be held up every day as an example of the complete futility of ever giving the right wing what it wants. They have no concept of bipartisanship, and any attempts to bring them on board by conceding to their greedy, unamerican and treasonous agenda should be answered with investigations and convictions, not compromise.
Carter, one term, followed by:
8 years of Reagan
4 years of Bush I
8 years of (soft right) Clinton
8 years of Bush the Failed
even "giving" Clinton the Carter column, the weak and flaccid Repukes couldn't do anything with their 20 solid years in the WH to reverse something Carter did over 28 years ago?
the coWardly Repukes are even weaker and more helpless than I ever imagined...
FACT: Only BANKS (i.e. regulated financial institutions by Treasury, OTS, and Fed) are required to comply with CRA. Farm loans are also considered CRA loans, not just "poor urban" areas.
FACT: Mortgage companies and finance companies do not in any way have to comply with CRA. Why does this matter? It matters because the Cendant Corporation, which owns Century 21, ERA, and Coldwell Banker, was the #2 mortgage originator in this country. They did not in any way have to comply with CRA or offer a CRA loan. So when the real estate industry was talking about the virtues of getting your loan through your real estate brokerage company, they were offering crappy loans that had ABSOLUTELY NOTHING to do with CRA, as they weren't forced to comply.
FACT; Credit unions also do not have to comply with CRA.
So let me get this straight -- the #2 mortgage originator never had to comply with CRA? Ever? Nope. So what does CRA have to do with this?
Nothing.
Derivatives are the reason we are in the crapper, not poor people and brown people. the best and brightest of our society have done this to us.
We're tracking political race baiting at www.stopdogwhistleracism.com. We find the good, bad and ugly from the right, left and center about race in the race. Visit us today for a non-partisan take on the race card, and the race card card, in today's politics.
Hope to see you at StopDog!
When the regulators waived the rule requiring investment banks to keep reserves commensurate with their risks back in 2004, the stage for this calamity was set and the regulators were warned. George Bush's cousin was an officer in one of the banks involved. Sweep the executive suites of these companies, get the offshore bank accounts of the officers of these firms, and you'll find a good deal of any money that still exists.
http://www.youtube.com/watch?v=6rpoYvsc3ho
It's only 3 minutes, but the main goal was to make it understandable and digestible as possible without betraying any of the core facts.
Also, http://tinyurl.com/understandthecrisis is a much more wordy and substantial explanation, with a good history and details. It was also written up as a response to these lying GOP propaganda campaigns.